Alerts & Updates
“SECURE Act” Set to Become Law and Eliminate “Stretch” Inherited IRAs for Non-Spouse Beneficiaries
December 19, 2019The Setting Every Community Up for Retirement Enhancement ("SECURE") Act passed the U.S. House of Representatives and Senate as part of the Spending Bill and is expected to be signed by the President before December 24th.
2019 Private Clients Group Annual Client Update
November 25, 2019This annual update summarizes the current status of the estate and gift tax rates and exemptions at the federal and state levels (Connecticut, New York and Florida) and highlights key provisions of these important state law developments.
Federal Estate and Gift Tax Rates and Exemptions 2017-2026
This chart details the federal estate and gift tax rates and exemptions for the period 2017-2026.
Connecticut Estate and Gift Tax Rates and Exemptions 2017-2026
This chart details the Connecticut estate and gift tax rates and exemptions for the period 2017-2026.
Uniform Lifetime Table for Required Minimum Distributions From Traditional IRAs*
This uniform lifetime table details the minimum distributions allowed from traditional IRAs from the ages of 70 through 90.
IRS Confirms Gifts Using Higher Exemption Amounts Won’t Be “Clawed back” for Estate Tax Purposes After 2025
November 21, 2019The Treasury Department and the Internal Revenue Service have officially confirmed that in the event the federal gift and estate tax exemptions are reduced in the future, taxpayers will not be penalized with a “clawback” for the use of higher exemption amounts.
Connecticut Quietly Ends Estate Tax Strategy Previously Available to Non-Residents
July 31, 2019In the flurry of legislation passed in June at the end of the legislative session, Connecticut quietly closed a Connecticut estate tax loophole that was available to non-residents.
U.S. Supreme Court Rules in Favor of Trust on Question of State Income Taxation
June 20, 2019On June 21, 2019, the United States Supreme Court, by a unanimous decision, held that the State of North Carolina could not impose a state level income tax on a trust based solely on the residence of the beneficiary of the trust.
Connecticut Real Estate Sales in Excess of $2.5 Million Will Face Additional “Mansion Tax” under New Law
June 9, 2019The recently approved Connecticut 2020/2021 state budget includes an increase in the rate of tax charged on real estate sales in excess of $2.5 million, which is being referred to as the “mansion tax.” This new rate structure will be effective on July 1, 2020.
Connecticut Enacts Historic and Sweeping Trust Legislation
June 4, 2019The Connecticut legislature, on June 5, 2019, enacted HB 7104, an Act Concerning the Connecticut Uniform Trust Code. This massive bill, over 90 pages in length, adopts four major categories of revisions to trust law that will greatly enhance the administration of trusts and planning opportunities for clients in Connecticut.
The IRS Clarifies that Private Equity, Hedge Funds and Other Partnerships are Subject to Withholding Requirements When Foreign Persons are Involved
May 22, 2019On May 7, 2019, the IRS issued proposed regulations for new code section 1446(f), which requires withholding of income tax when a foreign person recognizes gain or loss from the sale or exchange of certain partnership interests, as described in IRC 864(c)(8).
New IRS Guidance on Opportunity Zone Investments
April 16, 2019On April 17, 2019, the IRS and U.S. Treasury Department issued proposed regulations (Proposed Treas. Reg. Sec. 1400Z-2), that provide new guidance for qualified "Opportunity Funds" investing in "Opportunity Zones."